Reforming global financial architecture key to unlocking climate financing

African leaders are advocating for a revamp of the global financial framework to potentially transform the future of the continent and facilitate easier access to funding for climate change mitigation and adaptation efforts. CNBC Africa recently engaged in a conversation with Ibrahima Chiekh Diong, Assistant Secretary General & DG of the African Risk Capacity Group, to delve deeper into the discussed reforms and expectations related to the upcoming COP conference. The African continent's voice is gaining strength as leaders push for critical changes needed to address the pressing challenges posed by climate change. The recent Africa Climate Summit in Nairobi set the stage for a united African stance, emphasizing the necessity for global cooperation and support in combating climate change. Among the crucial directives outlined by African leaders is the urgency for world leaders to prioritize decarbonizing the global economy to combat the adverse effects of climate change. Additionally, there is a call to foster sustainable investments in Africa's natural assets to facilitate the region's development and to restructure the global climate finance system to ensure access to a variety of financial resources for climate action. Furthermore, addressing the risks associated with climate change impact is paramount to safeguarding African nations' futures. The anticipation surrounding the establishment of the lost and damaged fund is high, with the hope of witnessing concrete commitments and efficient governance mechanisms to ensure accessibility to funding for developing nations, particularly those in Africa. The magnitude of the loss and damage fund extends beyond mere financial allotment; the governance structure must facilitate easy accessibility and cater to the specific needs of regions like Africa, which bear a disproportionate burden of the climate crisis despite contributing minimally to global emissions. The operationalization of the fund in Dubai necessitates a thoughtful approach that not only concerns the allocation of funds but also focuses on the fund's governance that determines accessibility and relevancy of supported initiatives. Early warning systems are highlighted as a crucial aspect for policymakers in Africa to make well-informed decisions concerning climate change mitigation strategies. Innovative financing options, including insurance mechanisms like the African Risk Capacity, are essential for building resilient responses to climate challenges. The envisioned financial architecture reforms aim to make funds readily accessible, available, and affordable, setting the stage for a more resilient Africa in the face of climate change impacts. African expectations for tangible outcomes from COP conferences are escalating, with a growing demand for developed countries to match their promises with definitive actions. The commitment to reshape the global financial structures to expedite the disbursement of funds to those in need is paramount for addressing the pressing climate challenges facing Africa. Moving beyond mere rhetoric, Africa's unity and organizational prowess are envisioned to amplify the continent's voice in global climate discussions, creating a platform where all stakeholders are held accountable to their commitments. The synergy between words and actions is crucial to ensure that the global community collectively progresses towards a sustainable future, safeguarding the interests of all nations, particularly the vulnerable ones. As COP 28 approaches, the pressure mounts on world leaders to deliver on their commitments and drive substantial changes in the international financial systems to ensure a fair and effective distribution of resources for climate action.